09 Jun - 3 min read
Voluntary announcement regarding JSE Investor Services
Voluntary announcement regarding JSE Investor Services JSE LIMITED (Incorporated in the Republic of South Africa) Registration number: 2005/022939/06 Share Code: JSE ISIN Code: ZAE000079711 LEI: 213800MZ1VUQEBWRFO39 (“JSE” or “the Group”) VOLUNTARY ANNOUNCEMENT REGARDING JSE INVESTOR SERVICES 1. Acquisition of the minority stake in JSE Investor Services Shareholders are referred to the voluntary announcement released on the Stock Exchange News Service on 3 November 2020 regarding the JSE’s acquisition of a 74.85% interest in Link Market Services South Africa Proprietary Limited (“Link SA”) from Link Market Services Limited, a company incorporated in Australia. Link SA has subsequently been renamed JSE Investor Services Proprietary Limited (“JIS”). The JSE advises that an agreement has been concluded for the JSE to acquire the remaining shareholding of 25.15% in JIS from the minority shareholders for a cash consideration of R75.45m (the “Minority Stake”). The consideration will be settled from the Group’s cash reserves. The acquisition of the Minority Stake will allow the Group to account for and manage the investment in JIS as sole owner. Subject to the fulfilment of the remaining conditions precedent, the acquisition of the Minority Stake is expected to close on or about 30 June 2021. Iqbal Haniff remains as CEO of JIS until June 2022 and will be available to the Group until June 2023. In terms of the JSE Listings Requirements, the acquisition of the Minority Stake is an uncategorised transaction. 2. Business arrangement with Investec Share Plan Services The JSE is pleased to announce that an agreement has been concluded for JIS to acquire a portion of the business of Investec Share Plan Services Proprietary Limited (“ISPS”) (the “Business Arrangement”). ISPS is a market-leading share plan administration business which provides executive share scheme administration services to approximately 90 listed clients and numerous B-BBEE schemes. The Business Arrangement does not involve a cash consideration and will take place through the transfer of staff and clients of ISPS to JIS and the conclusion of a software licensing agreement between JIS and ISPS. The Business Arrangement allows JIS to extend its service offering to issuers, diversify its revenues and enhance the quality of earnings through annuity income derived from the administration of a wide range of executive and B-BBEE share schemes. Subject to the fulfilment of the remaining conditions precedent, the Business Arrangement is expected to close on or about 31 July 2021. In terms of the JSE Listings Requirements, the Business Arrangement is an uncategorised transaction. The information provided in this announcement has not been reviewed or reported on by the Group’s external auditors. Sandton 9 June 2021 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 09-06-2021 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.